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Unformatted text preview: E & P = Beginning E & P + Gain on Distribution = 650,000 + 150,000 = $800,000 (b) Dividend Income = FMV Liability = 300,000 400,000 = $0 (cant be negative) Basis on Property = new value - liability = 400,000 400,000 = $0...
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This note was uploaded on 02/22/2012 for the course ACCT 467 taught by Professor Ruhupatty during the Spring '12 term at Andrews Univeristy.
- Spring '12